Getting a new car or truck without help from a loan or lease is pretty unusual these days. Many times, your car loan package will be arranged in the F&I office, but this can be a very time consuming process. Why would you waste time applying for financing at the lender or dealership when you can apply right now through our site?
You could be behind the wheel of a new car tomorrow.
Auto Finance Rates in Des Moines
The interest rates below aren’t anything but estimations to give you an idea of what rate can be expected given where you are and your FICO score. The rate you’re offered may vary substantially from what you see here.
Credit Rating | New Car | Pre-owned Car |
---|---|---|
Excellent | 3.4% | 3.4% |
Good | 5.1% | 4.6% |
Average | 6.7% | 7.1% |
Subprime | 9.4% | 9.8% |
Bad | 12.8% | 12.4% |
Very Bad | NA | 12.4% |
Used Car Financing in Des Moines
By and large, companies charge slightly higher interest rates for pre-owned cars and trucks. However, used vehicles are more economical in the end, and they depreciate less. Take a look at the numbers below.
Age | Price | Rate | Months | Payment | Interest | Total Cost |
---|---|---|---|---|---|---|
New | $27,500 | 6.00% | 60 | $531.65 | $4,399 | $31,899 |
1 Year | $22,000 | 7.50% | 60 | $440.83 | $4,450 | $26,450 |
2 Years | $18,700 | 7.50% | 60 | $374.71 | $3,783 | $22,483 |
3 Years | $15,895 | 7.50% | 60 | $318.50 | $3,215 | $19,110 |
A second hand vehicle is a great option, whether you’re financing or not. Here are the most popular limits on used car loans:
- Car no older than 7-10 years.
- Mileage no higher than 100,000 miles.
- Purchased from dealer, not private party.
Poor Credit Auto Loans in Des Moines
Credit history is a key factor when it comes to loan approval and interest rate. With a credit score of 680 or higher, securing an auto loan should be a breeze, but approval and annual percentage rate both become issues for people who have bad credit. Before the internet, you really had to settle for whatever APR rate and stipulations they presented you. Today, there are better methods to get financed.
If you can, you should avoid turning to a no credit check car dealership. These buy here pay here dealers are infamous for aggressive sales tactics. The annual percentage rates are very high, and the cars and trucks are likely to be price over market value.
Usually, it’s better to work with a regional bank or loan provider. An established bank or finance company will report to the credit reporting agencies, which means your credit score will improve as long as you keep making your payments as agreed.
Contact an auto finance professional in your area today.
Limiting Your Annual Percentage Rate
There are a variety of strategies to lower your annual percentage rate. First of all, you should attend to any mistakes on your credit report. A lot of people don’t realize that, once per year, you can check your credit report completely free via www.annualcreditreport.com. Des Moines has a variety of credit restoration agencies to help you fix these types of mistakes, or you can file the dispute all by yourself. If you haven’t got a favorable credit record, adding a cosigner could contribute to a more economical interest rate.
Zero Down Financing in Des Moines
Are you looking to buy a car or truck with zero money down? The truth is, getting a car financed with no down payment is in some cases impossible. By completing an application online, you may boost your odds of securing this sort of a deal. Banks and dealerships can view what you want your down payment to be upfront.
Des Moines Resources
- Iowa Motor Vehicle Division: http://www.iowadot.gov/mvd/index.htm
- Iowa Division of Banking: https://www.idob.state.ia.us/
Credit Unions
Credit Union | Address | Zip | Phone |
---|---|---|---|
A - E Employees | 2201 E University Ave | 50317 | (515) 262-7371 | Affinity | 475 NW Hoffman Ln | 50313 | (515) 288-7225 | Affinity | 4600 NW 2nd St | 50313 | (515) 243-4464 | Affinity | 1700 E Army Post Rd | 50320 | (515) 287-0036 | Capitol View | 1000 E Grand Ave | 50319 | (515) 725-2167 | Capitol View | 150 Des Moines St | 50309 | (515) 281-9047 | Community Choice Credit Union | 700 Lyon St | 50309 | (515) 243-0994 | Des Moines Fire Department | 900 Mulberry St | 50309 | (515) 288-2521 | Des Moines Metro | 100 College Ave | 50314 | (515) 283-4195 | Des Moines Metro | 700 E University Ave | 50316 | (515) 263-5651 | Des Moines Metro Credit Union | Iowa Lutheran Hospital 700 E University Ave | 50316 | (515) 263-5651 | Des Moines Police Officers | 423 E Court Ave | 50309 | (515) 243-2677 | Des Moines Water Works | 2201 George Flagg Pkwy | 50321 | (515) 282-1908 | Edco Community | 609 38th St | 50312 | (515) 274-4100 | Emc | PO Box 712 | 50306 | (515) 243-6289 | Emc | 700 Walnut St | 50309 | (515) 243-6289 | Emc Credit Union | 712 Walnut St | 50309 | (515) 243-6289 | Federal Employees | 210 Walnut St #132 | 50309 | (515) 244-1458 | Federal Employees | 2524 Post St | 50310 | (515) 274-0939 | Federal Employees Credit Union | 210 Walnut St | 50309 | (515) 244-1458 | Financial Plus | 2426 Hubbell Ave | 50317 | (515) 283-2526 | Financial Plus | 4303 Fleur Dr | 50321 | (515) 256-7955 | First Class | 303 Euclid Ave | 50313 | (515) 224-4300 | Greater Iowa | 600 E 30th St | 50317 | (515) 232-6310 | Greater Iowa Credit Union | 4555 Fleur Dr | 50321 | (515) 285-1271 | Polk County | 111 Court Ave RM 110 Administratio | 50309 | (515) 244-8647 | Polk County | 111 Court Ave RM 110 | 50309 | (515) 244-8647 | Polk County Credit Union | 111 Court Ave | 50309 | (515) 244-8647 | Premier | 800 9th St | 50309 | (515) 282-1611 | Premier | 700 Locust St | 50309 | (515) 282-1611 | Principal Employees' Credit Union | 711 High St | 50392 | (515) 247-5106 | Proffittis Inc | 7 E Walnut St | 50309 | (515) 247-7049 | The Cornerstone | 414 61st St | 50312 | (515) 274-2343 | Three-Ten CCU | 1300 Cummins Rd | 50315 | (515) 287-0036 | Tradesmen Community | PO Box 1496 | 50305 | (515) 243-8735 | Tradesmen Community | 2930 SE 14th St | 50315 | (515) 282-3606 | Tradesmen Community | 1400 2nd Ave | 50314 | (515) 243-8735 | United Service | 1212 Pleasant St #106 | 50309 | (515) 241-4412 | United Service | 1212 Pleasant St | 50309 | (515) 241-4412 | Usda | 210 Walnut Rm 927 | 50309 | (515) 243-0480 | Usda Credit Union | 210 Walnut Street Rm 927 | 50309 | (515) 243-0480 | Veridian | 3221 SE 14th St | 50320 | (319) 236-5600 | Village | 601 E Court Ave | 50309 | (515) 243-4400 |